Eldorado Gold (NYSE:EGO) Trading Down 7.4% – Time to Sell?

Shares of Eldorado Gold Corporation (NYSE:EGO) (TSE:ELD) dropped 7.4% on Wednesday . The stock traded as low as $30.02 and last traded at $29.6540. Approximately 361,774 shares changed hands during trading, a decline of 88% from the average session volume of 2,937,498 shares. The stock had previously closed at $32.02.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Citigroup cut shares of Eldorado Gold to a “sector perform” rating in a report on Monday, May 4th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Eldorado Gold in a research report on Wednesday, April 15th. National Bank Financial upgraded shares of Eldorado Gold to a “strong-buy” rating in a research note on Wednesday, April 15th. Zacks Research upgraded shares of Eldorado Gold from a “strong sell” rating to a “hold” rating in a research note on Monday, June 29th. Finally, TD Securities dropped their price objective on Eldorado Gold from $45.00 to $40.00 and set a “hold” rating on the stock in a report on Tuesday, April 14th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, nine have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Eldorado Gold presently has an average rating of “Hold” and an average target price of $44.50.

Eldorado Gold Trading Down 6.6%

The business’s 50-day moving average price is $31.98 and its 200-day moving average price is $36.59. The firm has a market capitalization of $7.82 billion, a PE ratio of 10.65, a price-to-earnings-growth ratio of 0.19 and a beta of 0.62. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.62 and a quick ratio of 1.18.

Eldorado Gold (NYSE:EGO) (TSE:ELD) last issued its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.95 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.26. Eldorado Gold had a net margin of 28.62% and a return on equity of 11.60%. The firm had revenue of $532.43 million during the quarter, compared to analysts’ expectations of $503.31 million. As a group, analysts expect that Eldorado Gold Corporation will post 4.27 earnings per share for the current fiscal year.

Eldorado Gold Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, June 16th. Investors of record on Tuesday, June 2nd were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Tuesday, June 2nd. This represents a $0.30 dividend on an annualized basis and a dividend yield of 1.0%. Eldorado Gold’s dividend payout ratio (DPR) is currently 10.68%.

Institutional Trading of Eldorado Gold

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Van ECK Associates Corp increased its stake in shares of Eldorado Gold by 33.9% during the third quarter. Van ECK Associates Corp now owns 16,499,858 shares of the basic materials company’s stock worth $476,679,000 after acquiring an additional 4,173,963 shares during the period. L1 Capital Pty Ltd lifted its position in Eldorado Gold by 35.2% in the fourth quarter. L1 Capital Pty Ltd now owns 9,640,407 shares of the basic materials company’s stock valued at $346,283,000 after purchasing an additional 2,512,168 shares during the period. Mackenzie Financial Corp boosted its holdings in Eldorado Gold by 904.1% in the 4th quarter. Mackenzie Financial Corp now owns 1,811,814 shares of the basic materials company’s stock valued at $65,322,000 after purchasing an additional 1,631,373 shares in the last quarter. Millennium Management LLC increased its position in Eldorado Gold by 490.6% during the 4th quarter. Millennium Management LLC now owns 1,787,062 shares of the basic materials company’s stock worth $64,193,000 after purchasing an additional 1,484,503 shares during the period. Finally, FIL Ltd acquired a new position in Eldorado Gold during the 4th quarter worth approximately $35,473,000. 69.58% of the stock is owned by hedge funds and other institutional investors.

Eldorado Gold Company Profile

Eldorado Gold Corporation is a Canada?based gold producer engaged in the acquisition, exploration, development and operation of mineral properties. The company’s core focus is on gold, silver and select base metals, with an emphasis on advancing projects through feasibility and into production. Eldorado Gold maintains a diversified portfolio of both producing mines and advanced?stage development projects.

Operationally, Eldorado Gold manages multiple gold mining operations across Turkey, Canada and Greece.